Westpac raises variable interest rate by .45%

[Lynchy]

Interesting. This could start hurting some

http://money.ninemsn.com.au/article.aspx?id=978396

Westpac doubles Reserve Bank interest rate hike

Westpac has lifted rates on its variable homeloans by nearly double today's 25 basis point Reserve Bank (RBA) cash rate increase. Less than two hours after the RBA's announcement, Westpac raised its standard variable home loan rate by 45 basis points to 6.76 percent, adding around $80 to the monthly repayment on a $300,000 mortgage.

 

[Ausprop]

grief, this probably means the 2nd tier leders will go .90

 

[kero]

you sure BANKWEST has gone up 0.45%? can't find that news online.

 

[Lynchy]

you sure BANKWEST has gone up 0.45%? can't find that news online.

Click the link?

Edit. Oh my bad haha

Mods can you please edit the title to say Westpac?

 

[Minxdamanx]

Prophetic maybe Lynchy

 

[geoffw]

I've corrected the thread title.

 

[rachels]

So will the other main banks be likely to also increase by .45?

 

[Humphrey]

Unless they collectively decided to make Westpac look evil.

 

[hobo-jo]

ANZ promised no rises over the RBA move, will be interesting to see how long they keep that promise.

 

[keithj]

ANZ promised no rises over the RBA move, will be interesting to see how long they keep that promise.

On Oct 27th Wayne Swan said the ANZ said they promised to move in line with the RBA.

So far ANZ remains the only retail bank to meet the call from Prime Minister Kevin Rudd to stay within the official rate cycle, a decision acknowledged yesterday by Treasurer Wayne Swan

And 2 days later he clarified....

ANZ chief executive Mike Smith says he cannot guarantee future increases in lending rates won't exceed those made by the Reserve Bank.

 

[MCS_80]

*Keeps an eye on Comm Bank*

Fingers crossed ours does not go up by much. Cashflow is at a premium as it is.

Cheers

Mick

 

[8fold]

Perfect timing seeing I signed with Westpac on Monday

 

[Rixter]

Investors (who dont have any risk minimisation strategy/s set in place) that are concerned about rates rising (at such low current rates) need to ask themselves are they cut out to be investing in the first instance.

Success is 80% Mindset x 20% Strategy

Food for thought.

 

[aussierogue]

Last month I sold one of my ips (holiday house). So now have the other IP fully paid off (half money in offset) and 220k in bank ready to swoop. So we in a situation no debt and ready to go.

Will probably pull out all the offset and comine with the cash in a 4 month high interest accoutn and sit back.

Looking forward to the next 6 months whatever may happen.

 

[Edmond Dantes]

.....

Will probably pull out all the offset and comine with the cash in a 4 month high interest accoutn and sit back.

.....

hmmm why..? aren't you taxed on this "high interest" account? I'd leave it in the offset.

 

[aussierogue]

You could be right - But I was also thinking that having it in my offset has tax implications aswell. Plus I can set up the deposit in my wifes name and she has less income. Need to speak to the accountant - much of a muchness i reckon.

 

[piNoob]

they should rise by another 1-1.5% imho.

 

[Aaron Sice]

too high - that'd undo all the stimulus.

 

[vbplease]

Not sure if it's been posted? CBA up 37points

 

[Aaron Sice]

ah f*ck...